The Three Ironies of Life Insurance

Life insurance is a valuable financial protection product that has its benefits at a wide range of ages. Life insurance can be a valuable gift for grandparents to get for their grandchildren that can accumulate cash value, which later in life, can supplement a retirement program or cover final expenses. It is not without its ironies, however.

Here are three ironies of life insurance.

It is Cheapest to Buy When Young and Healthy.

This is one of the biggest hurdles when marketing life insurance. Life insurance is at its most affordable when you are young and healthy. This stops people from acquiring it at its most affordable rates. Young people often view themselves as indestructible and life insurance is far down on their list of priorities.

We Can Be at Our Greatest Financial Risk When Young.

At the time when it is most affordable, we may feel like we don’t need life insurance. In reality, many young people are at a point in their life when the financial need for life insurance may be at its greatest. Younger people are getting married, combining households, purchasing houses and having children. They will have goals for those children like college. Life insurance can help provide the needed protection.

It is an Insurance Product Guaranteed to Eventually Pay.

Odds are you have car insurance, homeowners insurance, health insurance and perhaps even business insurance to protect your assets. You may, however, never make a claim on these policies. It may not be a pleasant thought, but none of us are leaving here alive. That means that as long as you maintain your payments and keep your policy in force, it is virtually guaranteed to pay your beneficiary. Yet, while we can quickly see the value in these other products, many of us dismiss life insurance. This is true even when young and healthy and in our greatest need. There is some irony in this.

The number of times we have heard someone say “I don’t need life insurance. I’ll be dead anyway. Hahaha.”, is uncountable. That too is ironic, because that’s when life insurance would be most valuable.

If you don’t have sufficient life insurance or perhaps none at all, we can help. Contact us and let’s discuss your options. We can help you find protection that you can feel comfortable with. Your life insurance may never be more affordable than it is right now. Take advantage of those rates today.